The board of directors of the global leader in Automotive Interactive Marketing Solutions approved the incorporation of a wholly owned subsidiary in the Electric Vehicle area.
According to the company’s regulatory filing, on 06th December 2023, the company’s Board of Directors approved the incorporation of a Wholly Owned Subsidiary (WOS) of the Company with the name “Izmo Microsystem Private Limited”.
On Wednesday, IZMO Ltd shares closed at Rs 266 a share on the National Stock Exchange, down 0.37 from the previous closing price, and the company has a market capitalization of Rs 357 crores.
The incorporation of the WOS as aforesaid will help the Company to cater to the rapidly growing market for Electric Vehicles and other automotive needs.
The purpose of WOS is to inter alia develop new technologies that will meet the critical needs of power management in EV Battery Technology and mobility Solutions including Application Software, Embedded Circuit Design and manufacturing, Cloud Infrastructure, AI-based ADAS systems, etc.
In addition, the Company Board approved the sale of clear and marketable titles including land admeasuring approximately 3900 Sq.mtrs and a building of about 21,000 Sq.ft along with the structures standing thereon located at 84, Deep Towers, EPIP Industrial Area, Whitefield, Bangalore-560066, Karnataka India.
IZMO Ltd shares have delivered a return of 13 percent in the last six months and 219 percent in a year. A shareholder investment of Rs 1 lakhs in the company a year ago, would be worth Rs 3.19 lakhs.
The company has a global reach, with operations in seven countries across the Americas, Europe, and Asia. North America accounted for 56% of the company’s sales, while Europe accounted for 25% and India accounted for 19%.
The company’s revenue is divided as follows: Interactive Media Licencing: at 47%, Professional at 13%, Digital Web Services at 21%, CRM at 3%, Data Analytics SaaS 8%, Recurring Services at 7%, and Others at 1%
Furthermore, Izmo Studio accounts for 47% of corporate revenue, IzmoCars accounts for 32%, and Frog Data accounts for 21%.
The company’s marquee clients include Emil Frey, Hertz, Europcar, Renault, Ford, Microsoft, Infosys, Wipro, Airtel, Idea, and many more.
The company’s revenues have increased by 25 percent year on year from Rs 35.67 crore in Q2FY23 to Rs 44.76 crore in Q2FY24, while net profit has increased by 66 percent in the same period, from Rs 3 crore to Rs 5 crore.
Izmo Ltd is in the business of interactive marketing solutions. The company offers hi-tech automotive e-retailing solutions in North America, Europe, and Asia.
Written by Omkar Chitnis
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